BANGALORE, India, Aug. 12, 2022 /PRNewswire/ — The Global Asset Performance Management Market is Segmented by Type (Asset Integrity Management, Asset Reliability Management), by Application (Aerospace & Defense, Automotive & Transportation, Machine Manufacturing, Energy & Utilities): Opportunity Analysis and Industry Forecast, 2022–2028.
The global Asset Performance Management (APM) market size is projected to reach USD 8315.3 Million by 2028, from USD 3691.9 Million in 2021, at a CAGR of 12.1% during 2022-2028.
Major Factors Driving the Growth of the Asset Performance Management Market
The rising need to increase ROI on asset management, the advent of industry 4.0, and covid 19 led changes will fuel the market’s growth during the forecast period.
The importance of maintaining asset integrity will drive the growth of the market.
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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL ASSET PERFORMANCE MANAGEMENT MARKET
Asset performance management solutions are helping organizations save a huge amount of money by streamlining maintenance operations to better understand the health of the equipment and keep it running safely for meeting production/manufacturing targets. The software constantly monitors crucial health indicators for determining asset health and allowing predictive maintenance. This will fuel the demand for the asset performance management market in the coming years. The utilization and value of the assets increase drastically through efficient decision-making and cost transparency. Managing services and tracking vendor or supplier performance through transparent metrics lead to optimum allocation of assets for enhanced Return On Investment(ROI).
Industry 4.0 and operational AI are boosting industrial productivity as asset performance capabilities are scaling up along with a user-friendly interface. The data generated through connected assets helps in round-the-clock monitoring and auditing. The activities such as Downtime, Uptime, Mean time between failures, Planned and Unplanned maintenance, condition monitoring, and performance analytics help provide exact feedback to manufacturers on operating conditions and the design of assets. This will bolster the growth of the asset performance management market. An accurate picture of inventory levels ultimately aids in cash flow optimization.
Covid 19 has increased the need for maintaining complete control and visibility of all the assets in businesses. Industries are leveraging blockchain, IIoT, machine learning, AI, and digital twin technology to improve the efficiency of asset reliability management systems in turn driving the growth prospects of the global asset performance management market. Digital twins work in tandem with ARM solutions for simulating asset behaviors to understand the harmful and critical working conditions of the equipment beforehand. This helps to avoid situations of unplanned damage thereby increasing the production ability.
Assets need to be tracked throughout their entire lifecycle. Asset integrity management measures the integrity of equipment from design, prototyping, and implementation to decommissioning. It checks for pre-set faulty areas such as corrosion, cracks, fatigue, and erosion to maintain the integrity of the machinery. All the information regarding maintenance, design, location, and status is centralized with instant access to specification standards, instruction manuals, operational tolerances, and maintenance logs. This will expand the growth of the asset performance management market. Decisions are made quicker with less time wasted on information searching. The software provides quality assurance regarding a facility’s design, fabrication, installation, procurement, and maintenance.
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